Open Solutions announced the availability of Veri-Fast, a solution designed to quickly and securely identify accountholders at the teller station.
Open Solutions Inc. is a leading provider of integrated enabling technologies for financial services providers throughout the United States, Canada and other international markets.
According to a press release issued in October 2008 by analyst firm TowerGroup, 20 to 35 percent of the $55 billion in operational losses incurred by financial institutions are due to fraud. Additionally, TowerGroup's George Tubin, stated during a recent TowerGroup Live Consumer Banking Fraud Trends update that, "Fraudsters continue to develop new methods for stealing information and funds from financial institutions. Another universal truth is that most financial institutions are reactive and will enhance their methods for detecting and preventing fraud only after they suffer significant losses. However, to prevent the hype from becoming reality, financial institutions should proactively improve capabilities for cross-channel authentication and fraud detection that defend against future waves of fraud attacks."
Open Solutions' Veri-Fast solution uses two-factor authentication to identify the accountholder at the teller line. The member/customer swipes their ATM/debit card, enters their PIN number and once verified, the software instantly retrieves the relationship profile. In addition to reducing fraud, Veri-Fast improves service and efficiencies by automating the retrieval of accountholder files and eliminating teller keystrokes.
"Veri-Fast is an important asset to any financial institution concerned with reducing fraud risk," said Dave Mitchell, senior vice president and chief marketing officer for Open Solutions. "Each year fraud becomes more prevalent and results in significant losses. Too often institutions recognize fraudulent activities after the loss has occurred. Open Solutions' has developed a solution designed to help our clients proactively address fraud and prevent incidents from happening. Having a two-factor authentication solution at the teller line provides financial institutions a first line of defense against fraud. Veri-Fast has an almost immediate return on investment, paying for itself in a very short time."
The Veri-Fast solution is available to financial institutions worldwide that run Open Solutions' The Complete Credit Union Solution (TCCUS) and The Complete Banking Solution (TCBS) core applications (versions DNA 2.1 and higher). Veri-Fast is also customizable to integrate with other core platforms on demand.
"We are always looking for products and services that will help our clients succeed, especially now in these turbulent economic times," said Open Solutions' Chairman and CEO, Louis Hernandez. "Open Solutions remains committed to developing and deploying innovative software solutions that address the common pain points financial institutions are facing. While other providers are putting the brakes on research and development, Open Solutions realizes that now more than ever our clients need solutions that address operational challenges, limit losses from fraud and result in increased revenue."